If you are looking to move house, you will need a sizeable amount of money that you may not have budgeted for, according to research compiled by the Centre for Economics and Business Research (CEBR) and Post Office Money.
Their findings, which were partly based on figures provided by the Office for National Statistics (ONS), indicate that moving home costs 59 per cent more than it did a decade ago, with buyers now needing approximately £12,000 extra on average.
This average cost includes estate agent and surveyors’ fees, removals and stamp duty land tax. Back in 2004, the cost was £7,475 on average, and this rose 59 per cent up until the end of 2014. Not only this, but their research indicated that the cost of moving was underestimated by prospective buyers a staggering 84 per cent of the time.
Unsurprisingly, London is the most expensive area to move house, costing £28,000 on average. At the other end of the scale is Northern Ireland, where the average moving cost is £6,500.
“With prospective home buyers’ attention firmly fixed on saving for a deposit, the additional costs of moving can often come as an afterthought – particularly for first-time buyers who are taking their first steps on the property ladder,” said the Post Office Money’s head of mortgages, John Willcock.
“Although house prices may continue to rise there are steps buyers and movers can take to reduce the amount they pay on top of this,” he added.
Experts predict that by 2020, the average moving cost will increase to £15,400, and they advise first-time buyers and movers to save additional money to cover their moving costs.
